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Chennai Super Kings (CSK) could become the country’s first sports unicorn after its fourth win of the Indian Premier League (IPL) championship, surpassing its parent company India Cements in market capitalisation, the Business Standard has reported. India Cements’ unlisted shares were selling at roughly Rs 135 each soon after the CSK won the tournament, bringing the company’s market capitalisation to around Rs 4,200 crore, up from around Rs 2,465 crore (Rs 80 per share) in April 2021.

India Cements stock was trading at Rs 214.40 per share on BSE on Friday, with a market capitalisation of Rs 6,644.20 crore. According to industry insiders, if the two new clubs that will compete in the next IPL season are valued at roughly Rs 4,000 crore-5,000 crore, CSK’s worth on the unofficial market might reach Rs 200 per share.

“It was trading at roughly Rs 135 per share on Friday. If the new teams cost between Rs 4,000 crore and Rs 5,000 crore, CSK’s retail price might rise to Rs 200. This company might easily grow to be worth Rs 8,000 crores and a unicorn in the near future,” the report quoted Hitesh Dhankani, co-founder of Mumbai-based financial services firm Analah Capital, as saying.

N Srinivasan, managing director of India Cements, predicted in a recent interview with Business Standard that CSK’s market cap will be larger than India Cements’ because franchise-based leagues will thrive in India.

CSK has won 59.69% of the 196 matches it has played since the IPL began in 2008, making it the most consistent franchisee in the tournament’s history.

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“CSK is transforming into a strong brand. There is a market for it, but no one wants to buy it. Because India Cements is the sponsor, CSK is also assisting the company with its branding,” the report quoted Suhel Seth, founder and managing partner of Counselage India, a strategic brand marketing consultancy as saying.

The 75th anniversary party of India Cements on October 5, when CSK players mixed with top cement dealers and company executives, was proof of the cement major’s use of the franchisee to strengthen its brand identification. CSK captain M S Dhoni said at this meeting that he will play his farewell match in Chennai and will compete in the next IPL. Dhoni is also the vice-president of India Cements.

“CSK has demonstrated what all good brands should be about: Consistency, tenacity, and affection. Consistency in terms of performance, tenacity in taking on industrialist-owned clubs, and affection as the team expanded outside Chennai and became a national favourite. As a brand spokesperson, Dhoni has always had a quiet but deadly sense,” the report quoted Seth as saying.

Srinivasan complimented how CSK had ‘lifted’ the company during the anniversary celebrations. “Despite its 75-year history, I believe India Cements is today better known for CSK. India Cements is a great brand, but CSK outperformed it in a flash, and we can credit only one person for that: our captain MS Dhoni,” the report quoted him as saying.